The slower pace of deficit reduction means that the next government will be required to implement substantial spending reductions (and/or tax increases) if public debt is to be stabilised and reduced over the medium term. The Stable Outlook on the UK’s sovereign ratings reflects the following factors. – Under Fitch’s baseline economic and fiscal scenario, which assumes a continued policy commitment to reducing the underlying budget deficit and medium-term annual growth potential of 2%-2.25%, government debt gradually falls as a share of national income in the latter half of the decade. – The long average maturity of public debt (15 years) – the longest of any high-grade sovereign -exclusively denominated in local currency and low interest service burden implies a higher level of debt tolerance than many high-grade peers. – The international reserve currency status of sterling and the ability and willingness of the Bank of England to intervene in the UK government debt market largely eliminates the risk of a self-fulfilling fiscal financing crisis. – The gradual improvement in the UK banking sector’s capital and liquidity position has further reduced contingent liabilities arising from this sector. The UK’s ‘AA+’ rating is underpinned by its high-income, diversified and flexible economy as well as a high degree of political and social stability. The monetary policy framework as well as sterling’s international reserve currency status afford the UK a high degree of financial and economic policy flexibility. Strong civil and policy institutions and a high degree of transparency enhance the predictability of the business and economic policy environment that compares favourably with peers in the ‘AA’ category. Weak economic performance and growth prospects, relatively high levels of private and foreign as well as public debt, along with sizeable twin fiscal and current account deficits, are weaknesses relative to rating peers. RATING SENSITIVITIES The Stable Outlook indicates a less than 50% chance of a change in the UK sovereign ratings over the next two years. The main factors that could lead to a negative rating action, individually or collectively, are: – Failure to stabilise the government debt to GDP ratio over the medium term. – Increased threat to macro-financial stability, for example arising from an intensification of the eurozone crisis or an erosion of confidence in the UK’s policy commitment to price stability.
The most recent installation was a complex retrofit in June 2013 of a HG1000X onboard the RFA’s Fast Fleet Tanker “Wave Ruler” at Cammell Laird’s Birkenhead yard. According to John Platz, President, Hyde Marine, the partnership agreement means that the Merseyside, UK-based Cammell Laird is ready to install Hyde GUARDIAN BWTS systems for a wide variety of vessel types. We are pleased to partner with Cammell Laird because of its commitment to innovation in the maritime industry, as well as for being a cutting edge engineering specialty company that is focused on meeting the needs of customers, such as the Royal Fleet Auxiliary, said Platz. We are excited about the opportunity to work with Cammell Laird to continue the ongoing growth of the Hyde GUARDIAN Ballast Water Treatment System across the United Kingdom. The Hyde GUARDIAN BWTS process uses efficient filtration and ultraviolet disinfection to treat ships’ ballast water to prevent the spread of invasive species from port to port. In April 2013, Hyde GUARDIAN became one of the first BWTS to earn Alternate Management System (AMS) approval from the United States Coast Guard (USCG). It also received International Maritime Organization (IMO) Type Approval in April 2009 and has Type Approvals from several Class Societies. Tested and validated at the Royal Netherlands Institute for Sea Research (NIOZ), one of the most challenging ballast water test facilities in the world, the Hyde GUARDIAN BWTS ultimately became the first BWTS accepted into the U.S. Coast Guards Shipboard Technology Evaluation Program (STEP), which facilitates the development of effective BWTS technologies for vessel owners seeking alternatives to ballast water exchange. We are looking forward to continuing our partnership with Hyde Marine as we work together to ensure shipowners and operators have access to one of the industry’s leading ballast water treatment technologies,” said Rob McBurney, Commercial Director of Cammell Laird. “Hyde Marine’s commitment to providing superior service and support will drive continued success for Cammell Laird clients as the industry works to comply with pending ballast water treatment requirements. Visit www.hydemarine.com for more information about Hyde Marines ballast water management solutions. For additional background on Cammell Laird, visit www.clbh.co.uk . About Calgon Carbon Calgon Carbon Corporation, headquartered in Pittsburgh, Pennsylvania, is a global leader in services and solutions for making water and air safer and cleaner. For more information about Calgon Carbon’s leading activated carbon and ultraviolet technology solutions for municipalities and industries, visit www.calgoncarbon.com . About Hyde Marine With more than 100 years in the maritime industry and pioneering development of ballast water treatment technologies, Hyde Marine has become the leading U.S. manufacturer and educator regarding regulations, technologies, installation experiences, and challenges facing this sector.
United Kingdom Tourism Report Q4 2013 – New Study Released
However we are calculating a slight decline on our previous Q4 forecast as the continuing economic downturn in much of Europe over this period is likely to act as a deterrent for potential tourists. However the other regions are forecast to see a growth in arrivals over 2013 and we have increased our forecasts for inbound tourists from these regions. After a period of significant infrastructure development and hotel-building activity in the run-up to the 2012 Olympic Games, the scene may now be set for more modest overall growth in the UK’s hotel industry. Recent developments include: – Accor is launching a new brand in the UK, the Adiago aparthotels, the first of which opened in Liverpool in March 2013. – The group also re-launched their Mercure hotel in London in June 2013, following an extensive redesign of the hotel. It is the flagship UK hotel in a brand Accor is hoping to double the size of by 2016. – Over the past quarter ICHG has signed three new hotels to its Holiday Inn brand. UK construction company Balfour Beatty secured a contract worth GBP121mn (US$181.5mn) to build a hotel, leisure and apartment complex for Grove Developments in North Greenwich Peninsula in London. – China-based commercial property and entertainment conglomerate Dalian Wanda Group is to develop a hotel and residential project in London. – UK conglomerate Rigby Group has acquired a majority stake in Exeter International Airport. – The GBP80mn (US$123.5mn) redevelopment of the terminal at Stansted Airport has begun. – UK airports operator Manchester Airports Group (MAG) has awarded BAM Construct, Carillion and Galliford Try a contract for its capital delivery programme framework worth up to GBP100mn (US $156.65mn) annually.